Property Type

Lucas Unlimited Sells Haven Pointe at Carolina Forest Apartments in Myrtle Beach for $54.5M

by Julia Sanders March 15, 2021

MYRTLE BEACH, S.C. — Lucas Unlimited has sold Haven Pointe at Carolina Forest in Myrtle Beach for $54.5 million. Located at 1001 Scotney Lane, the Class A apartment community comprises 13 three-story apartment buildings and 304 units. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Capstone Apartment Partners represented the seller in the transaction. The buyer is Long Beach, Calif.-based RK Properties. Newly built in 2020, Haven Pointe’s unit mix includes one-, two- and three-bedroom apartment homes with the largest floorplans in the Myrtle Beach market, according to Capstone. Each unit features wood-style flooring, modern espresso cabinetry, granite countertops, stainless steel appliances, walk-in closets and washer/dryer connections. Community amenities include a resort-style pool, dog park, fitness center, business center, playground, grilling area, car wash station, laundry facilities and detached garages.

March 15, 2021

Development Loans Mixed-Use Multifamily North Carolina Southeast

ACRE Provides $34M Loan for New High-Rise Development in Durham

by Julia Sanders March 15, 2021

DURHAM, N.C. — Asia Capital Real Estate (ACRE), a global real estate private equity firm, has provided a $34 million bridge loan for a mixed-use community in Durham known as One City Center. Provided through ACRE’s latest debt fund ACRE Credit, the loan will serve to refinance existing debt related to the project’s construction. The two-year financing carries a loan-to-value ratio (LTV) of 66.4 percent, with options for two single-year extensions. Roger Edwards of JLL originated the loan on behalf of the borrower, Austin Lawrence Partners (ALP). Located at 110 Corcoran St., One City Center is a Class A, 28-story tower featuring 109 market-rate apartments and 30 owner-occupied condominiums, which were 88.1 percent occupied as of the building’s opening in January 2021. The building, built and delivered by ALP, also includes 130,000 square feet of office space and 22,000 square feet of ground-floor retail owned by Virginia Beach, Va.-based Armada Hoffler. Community amenities include a rooftop pool, hot tub, rooftop lounge with kitchen, fitness center, a sixth floor resident park with seating areas, grills and a fire pit, a private dog run and secure parking garage with 122 spaces. Individual units include floor-to-ceiling glass windows, nine-plus-foot ceilings, stainless steel appliances, …

March 15, 2021

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Delivers Affordable Housing Community in Palm Coast, Florida

by Julia Sanders March 15, 2021

PALM COAST, FLA. — Housing Trust Group (HTG) has developed The Palms at Town Center, an 88-unit affordable housing community located at 470 Bulldog Drive in Palm Coast. The property is 100 percent occupied. The development opened in February 2021 and cost $17.8 million to build. The Palms at Town Center features three three-story buildings and a clubhouse. The new community offers a mix of units including 30 one-bedroom, 50 two-bedroom and eight three-bedroom units. Units feature open floor plans, full-sized Energy Star appliances, ceiling fans and washers and dryers. Community amenities include a swimming pool, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations. The affordable apartment complex is a mixed-income community, consisting of 32 units for families at or below 30 percent of the area median income (AMI), eight units for those at or below 60 percent of AMI and 48 units for those at or below 80 percent of AMI. Rents will range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents were made possible through the use of the federal Low Income Housing Tax Credit program and Florida Housing SAIL program. The Florida-based construction and …

March 15, 2021

Acquisitions Multifamily Texas

Sterling Equities Buys 364-Unit Flatiron | Domain Apartments in Austin

by Taylor Williams March 15, 2021

AUSTIN, TEXAS — New York-based Sterling Equities has purchased Flatiron | Domain, a 364-unit luxury apartment building located within the 300-acre Domain mixed-use development on Austin’s north side. Built in 2019, the community offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center and a coffee shop with workspaces. Patton Jones of Newmark represented the seller, Texas-based Stonelake Capital Partners, in the off-market transaction. The property was 93 percent occupied at the time of sale.

March 15, 2021

Acquisitions Multifamily Texas

Greystone Brokers Sale of 424-Unit Lakeside Apartments in Dallas

by Taylor Williams March 15, 2021

DALLAS — Greystone has brokered the sale of Lakeside Apartments, a 424-unit multifamily community located near the corner of Walnut Hill and Central Expressway in Dallas. Built in 1979, the property features a mix of one- and two-bedroom units and amenities such as a pool, clubhouse and a business center. The buyer and seller, both of which requested anonymity, were respectively based out of California and Texas. Chibuzor Nnaji and Mark Allen of Greystone brokered the deal.

March 15, 2021

Georgia Industrial Leasing Activity Southeast

MCB Signs Logistics User to 1 MSF Industrial Lease in Palmetto, Georgia

by Julia Sanders March 15, 2021

PALMETTO, GA. — MCB Real Estate LLC, a private Baltimore-based commercial real estate development and investment firm, has signed SBS Transportation to a new lease for a 1 million-square-foot, newly built logistics center in Palmetto. The global shipping and logistics solutions firm will utilize the space for storage, distribution and minor assembly of power sports vehicles, such as ATVs, recreation vehicles and jet skis. Located 25 miles south of Atlanta, the logistics center is situated at 1015 Collinsworth Road with direct access to Interstate 85. The property is located within five miles of a CSX Intermodal Terminal in Fairburn and 15 miles of Hartsfield-Jackson Atlanta International Airport. Mark Hawks and Todd Barton of CBRE represented the landlord in the lease transaction. Mike Sutter of Lee & Associates represented the tenant. Headquartered in St Paul, Minn., SBS Transportation has 11 locations across the United States and four along the East Coast.

March 15, 2021

Acquisitions Loans Retail South Carolina Southeast

Aztec Group Secures $10.8M Acquisition Financing for Shopping Center in Chapin, South Carolina

by Julia Sanders March 15, 2021

CHAPIN, S.C. — Aztec Group Inc., a real estate investment and merchant banking firm, has secured $10.8 million in debt and equity for the acquisition of Chapin Crossing, a 72,714-square-foot, Publix-anchored shopping center in Chapin. Jason Shapiro, Sean Harrington and Joel Zusman of Aztec Group secured a 60 percent loan to cost, non-recourse loan, as well as joint venture equity. Located at 1235 Chapin Road, Chapin Crossing was built in 2017 and is situated at the southwest corner of Chapin Road and Lexington Avenue on 13.6 acres. The property includes a 45,600-square-foot Publix, 13,950 square feet of in-line retail space and a 13,164-square-foot multi-tenant outparcel. The shopping center’s tenants include Anytime Fitness, Marco’s Pizza, Bank of America, Palm Beach Tan, Pacific Dental, Jersey Mike’s, Verizon Wireless and Palmetto Health. Aztec Group arranged the financing on behalf of the buyer, a partnership led by affiliates of Miami-based CF Properties Corp. A Missouri-based life insurance company provided the 10-year loan, which features a fixed interest rate under 3 percent.

March 15, 2021

Acquisitions Multifamily Texas

CAF Capital, Trinity Sell 360-Unit Multifamily Community in San Antonio

by Taylor Williams March 15, 2021

SAN ANTONIO — A partnership between Dallas-based CAF Capital Partners and Trinity Private Equity Group has sold Overlook at Stone Oak Park, a 360-unit multifamily community in San Antonio. Built on 27 acres in 2014, the garden-style property consists of 18 residential buildings, a clubhouse, pool and a fitness center. The average unit size is 986 square feet. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the partnership in the transaction. The duo also procured the buyer, Univest Inc.

March 15, 2021

Affordable Housing Loans Multifamily Texas

Bellwether Provides $12.2M Agency Loan for Refinancing of Dallas Affordable Housing Property

by Taylor Williams March 15, 2021

DALLAS — Bellwether Enterprise has provided a $12.2 million Fannie Mae loan for the refinancing of Villas del Solamar, a 212-unit affordable housing property in Dallas. Anthony Tarter of Bellwether originated the loan through Fannie Mae’s Healthy Housing Rewards program, in which the sponsor, San Diego-based Comunidad Realty Partners (CRP), will self-impose rental restrictions. As such, CRP is restricting 60 percent of the community’s units are reserved for renters earning 60 percent or less of the area median income and will receive a discount on the interest rate of the loan.

March 15, 2021

Leasing Activity New York Northeast Office

Blackstone Signs 80,000 SF Office Lease Expansion at 345 Park Avenue in Manhattan

by Taylor Williams March 15, 2021

NEW YORK CITY — Global asset management firm Blackstone has signed an 80,000-square-foot office lease expansion at 345 Park Avenue in Midtown Manhattan. Blackstone’s footprint at the 44-story, 1.9 million-square-foot building now spans 12 full floors and five partial floors for a total of 720,000 square feet. Other tenants at 345 Park, which is owned by Rudin Management Co., include accounting firm KPMG and the National Football League. Tom Keating represented building ownership in the lease negotiations on an internal basis.

March 15, 2021

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